According to the report, 9,058 homes were sold compared to 8,483 homes sold last year in May.
What we know
Housing costs lowered in response to lower mortgage rates and a slight decline in home prices, according to the HAR report. The average home sales price declined by 0.7% to $438,230. The median price went down 1.2% to $339,425.
In addition, increased inventory opened up more opportunities for prospective buyers in May with 37,455 active listings of single-family homes—the highest volume of active listings since September 2007, according to the report.
When it comes to the housing segments, according to the report, home sales for houses priced between:
- $1-$99,999 increased 23.8%
- $100,000 -$149,999 increased 18.6%
- $150,000-$249,999 increased 12%
- $250,000-$499,999 increased 5.7%
- $500,000-$999,999 increased 0.2%
- $1 million and above increased 6.3%
“With more homes to choose from and prices becoming a bit more favorable, people are definitely feeling more confident and getting back out there,” HAR Chair Shae Cottar with LPT Realty said. “This shift signals to sellers that motivated buyers are engaged and eager to take advantage of the current market conditions. We anticipate this momentum will carry us into the summer months.”
